Risk USA: "We needed to run a simpler bank," says UBS risk manager
Capital pressures that drove UBS out of fixed income could force other banks to follow suit, says market risk head – and names Société Générale and BNP Paribas as examples
Dealers that are outside the top tier in fixed income markets will struggle to make the business work once new capital rules are implemented, according to a senior risk manager at UBS - and he named Société Générale and BNP Paribas as examples.
The Swiss bank has spent the past year reviewing its investment banking business and announced on October 30 that it will retreat from fixed income as part of a broader retrenchment costing 10,000 jobs.
"For Deutsche Bank, Bank of America, JP Morgan -
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